The Priceline Group, Inc. (PCLN) is a Consumer Discretionary company that operates online platforms connecting retailers in the travel space – hoteliers, airlines, rental cars, and restaurants – with consumers. Priceline is the global leader among online travel agencies, operating in more than 200 countries through six primary brands: Booking.com, priceline.com, agoda.com, KAYAK, Rentalcars.com, and OpenTable. The stock has increased more than nine-fold since our initial investment. We think Priceline has a continued long runway for growth, especially in emerging markets, where industry penetration levels are still much lower than in developed countries.
From Baron Asset Fund first quarter 2017 shareholder letter.